Tatneft Has Oil Reserves Sufficient for Two Centuries
The total oil reserves of Tatneft amount to 10.5 billion tonnes. At the current production level, the company’s resources are sufficient for more than 200 years.
This was stated by Nail Maganov, General Director of the company, during a shareholders’ meeting.
It was clarified that out of the total oil resources of Tatneft:
58 percent account for unexploited reserves,
31 percent for cumulative production,
11 percent for currently recoverable reserves.
According to Nail Maganov, the company’s potential is growing every year.
Key points from Tatneft’s General Director:
“Actual reserves are not only what is currently considered recoverable — they also include what can be developed tomorrow,”
“At the current production level, the company’s resources are sufficient for more than 200 years, and this is not the limit,”
“We have 6 to 7 billion tonnes of oil reserves beneath our feet today, and all we need for their development is technology.”
Oil Production: Successes of the Past Year
In 2024, Tatneft discovered two oil fields — in the Republic of Tatarstan and in the Samara Region — thereby increasing its oil reserves by 27 million tonnes.
According to Nail Maganov, the company is integrating artificial intelligence into operations, using digital twins, and other technologies.
The volume of oil production last year reached 27.3 million tonnes, although the company’s production potential exceeds this figure. However, oil extraction is constrained by the OPEC Plus agreement.
The company reduced the cost of oil drilling by 50 percent, and operating costs for field development are four times lower than the industry average.
As clarified by Tatneft’s head:
Every second tonne of oil is extracted using enhanced oil recovery methods,
An increase in the oil recovery factor by just 1 percent results in an additional 100 million tonnes of recoverable reserves,
Such fields have not been discovered for a long time, so the company is actively investing in the development of new enhanced recovery technologies.
Oil Refining: Future Plans
Also during his speech at the annual shareholders’ meeting, Nail Maganov said that Tatneft intends to increase the volume of oil processed.
It was noted that currently 60 percent of extracted oil is directed toward refining. According to the company’s general director, this figure is expected to rise to 70 percent.
Special attention was given to the contribution of TANECO, Tatneft’s oil refining asset. The refining complex accounts for up to 40 percent of the company’s income.
“Each tonne of refined oil is 2.5 times more profitable than the sale of crude oil,” Nail Maganov emphasized.
Furthermore, it was stated that TANECO’s refining depth reaches 99.6 percent, one of the highest indicators in the world.
As a reminder, during the annual meeting, Tatneft shareholders approved final dividends for 2024 in the amount of 43.11 rubles per share. Total payouts for the past year, including the previously paid 55.59 rubles per share, will amount to 98.7 rubles per share.
